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2d ago

ITC Q1 FY26 Net Sales Jump 21% as Cigarette and Agri Growth Offset Margin Pressures

Higher input costs with paper weakness kept EBITDA growth at 3%, prompting analysts to project a recovery in H2

ITC Share Price | Image: Republic Business
ITC: Inexpensive valuations, but 2 near-term overhangs; target prices

Overview

  • Cigarette volumes rose 6–6.5% year-on-year in Q1, marking a multi-quarter high and outperforming many FMCG peers
  • Agri segment sales surged 39% driven by strong exports, trading gains and an expanded value-added portfolio
  • Overall net sales expanded about 20.6–21% while EBITDA growth was muted at 3% due to margin headwinds
  • Weakness in the paper business and elevated input costs constrained profitability across core segments
  • Nearly 95% of analysts maintain buy ratings with a consensus target near Rs 498 and anticipate stronger H2 FY26 recovery despite tax and FMCG risks